A Twist on the GTG - 1904 $20

Good guesses everyone! I agree, the first sets of pictures don't really do a good job at helping you evaluate the coin - but that's Heritage for you. You have to understand what their pictures are telling you, and be able to extrapolate what the coin will look like in hand.

Believe it or not, both of these are graded the same. They are both NGC MS-64PL - the only difference being, the second one has a CAC sticker.

These both sold in the recent Houston Money Show Heritage auction, and they were sequential lots. Again, believe it or not, they sold for exactly the same amount. The price was a bit strong (certainly far more than your typical MS-64), but that is because of the unusual PL surfaces. When I was bidding, I honestly expected the CAC'd coin to sell for more (despite my opinion that the first coin was the superior one).

As shown by my set of pictures, I bought the first one. There are four reasons why: First, the strike is stronger (as many of you pointed out). Second, I like the color better (the first one has a bit deeper gold color, the second appears paler. This is more obvious in the other pictures on the Heritage website). Third, the mirrors are stronger on the first one (and, when buying a PL coin, that is very important). And finally, yes, the second one appears to have fewer marks on it overall, but the second also has a very unpleasant scuffiness at the bottom of the reverse that I didn't like.

I believe both of them are accurately graded as 64 (in hand, the one I bought is definitely a solid 64). But, the advantages of the non-CAC coin pushed me in its direction (including my anticipated lower price, which didn't actually happen). This is why learning to make decisions for yourself, and grade the coin for yourself, are so important - don't just rely on the CAC sticker!

 

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I can see why you made the choice you did. You can always send it in and try to get a bean on it. I do like the strike and luster of the first I also like the clean cheek and portrait of the second. I would be happy to own either but myself I'd have chose the second. I just don't care for a ton of contact marks on the portrait and major devices. But In hand I may have felt different. Either way you bought a beautiful coin.

 

Now send it to CAC and see what they say!

 

I agree on the HA photography and your choice of coins. Unless I can go to lot viewing, I generally avoid bidding in their auctions.

 

I've bought some coins at ha that were amazing in hand but didn't look great in pics. There photos often mute the luster. That being said I've never been to one of their sales as their not in New England so I gotta base my decisions by pics.

 

The thing with PL gold is that PCGS does not do the "prooflike" designation on gold coins no matter how striking they are. So some sharp people look for pl gold coin in PCGS holders and get them into the NGC holder with a 50% or more premium. If that $20 were a better date the premium would be more. The populations of PL $20s have been going up in the last 10 years.